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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is the focus.
Spot gold retreated from its earlier gains after progress was made in the crucial?talks' between U.S. officials, and Ukrainian President Volodymyr Zelenskiy?aimed at ending?the war. Traders awaited important U.S. employment data. By 01:55 pm, spot gold had risen 0.2% to $4,309.82 per ounce. ET (18:55 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures closed 0.2% higher, at $4335.2 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and liquidation of futures contracts by traders who purchased them earlier. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an?U.S. Officials from both sides said that they have made progress in reducing the differences between Russia, Ukraine and other countries. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This information could provide traders with more clues about the direction of the Fed's policy. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.6%, to $63.61, from a record high of $64.65 reached on Friday. It is still within striking distance of the $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by the end of next year we could be trading above $65 and as early as quarter one of the following year I could see up to $70. While spot platinum rose 2.5%, to $1.788.55, its highest level since Sept. 2011, palladium also reached a new two-month high with a nearly?5% increase to $1.560.25 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies bid on the assets of Lukoil, valued at approximately $22 billion. The assets include upstream gas and oil projects, refinery and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. 'investors, in a cashless transaction? to return them to Lukoil for the Russian firm's global assets. Sources said that Lukoil preferred the Xtellus offer, but that it was difficult to implement. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners, a group of Emirati investors. According to one source, Lukoil has already signed a purchase agreement with the Xtellus led group. Source: The Treasury informed the group it didn't have permission for them to use sanctioned security in a transaction. This was the reason their proposal was turned down. The plan now is to take?their proposal to a senior decision maker and try to reverse the rejection. They said the group would also apply for a licence to access these securities. U.S. investment fund owners have large Lukoil?shares which were written off and frozen after Russia's invasion of Ukraine in 2022, costing them billions of dollars. The plan was to sell the assets and then pay investors, or to return the shares to Lukoil as an exchange for the assets. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine. Over a dozen companies bid on the assets of?Lukoil, valued at approximately $22 billion. Assets include upstream oil and gas projects, refining, and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. shareholders and the Russian?company’s global assets in exchange for a cashless transaction. Sources said that Lukoil preferred the Xtellus offer, but execution was difficult. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners of Emirati investors. U.S. investment fund owners have large amounts of Lukoil stock that was frozen and written off?after Russia’s invasion of Ukraine in 2022, resulting in a loss of?billions? of dollars. The plan was to sell the assets and then pay investors. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is also being watched.
Spot gold pared gains made earlier on Monday, despite progress in crucial talks between U.S. officials &?Ukrainian President Volodymyr?Zelenskiy to end the war. Traders awaited important U.S. employment data. Spot gold was steady at $4,295.20 per ounce as of 12:16 pm. ET (17:16 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures dropped 0.1% to $4325.60 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and a week-long liquidation of some traders who have bought?futures in the past. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an official from the U.S. told reporters that both sides are moving closer to reducing differences between Russia and Ukraine. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This report should provide traders with more information on the Federal Reserve’s policy direction. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.2%, to $63.39 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by year's end we will be trading above $65 and could even see $70 early in quarter one of?next years. The spot price of?platinum rose 2.6% to reach $1,789.80. This is the highest since September 2011. Palladium also reached a new high with a?5% increase to $1.569.68 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Italy's Competition Authority drops investigation into Eni Plenitude
The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have suffered a loss. The regulator stated that approximately 90,000-110,000 Eni customers would be eligible for compensation at a cost of?2-6?million euro ($2.35-7.05million). The agency concluded that "the commitments proposed by Eni?Plenitude (...) will be suitable to remedy the potential illegality (of the commercial practice in March)". Reporting by Alvise Armell, Editing by Gavin Jones. $1 = 0.8511 euro
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Health ministry reports that Israeli forces killed a Palestinian teenager in West Bank.
According to the Palestinian Health Ministry, an Israeli soldier shot and killed a 16-year old Palestinian on Monday during a raid in Tuqu', marking the latest in a spate of violence in Israel-occupied West Bank. According to a report from the Palestinian state news agency WAFA, the boy was shot when?Israeli militay forces gathered late Monday in the town centre and started firing "indiscriminately". According to the report, the military fired a live bullet into the chest of the Ammar Yaser Sabah. The report said that he was taken to hospital, but sadly he did not survive. The Israeli military did not respond immediately to a comment request. Since the beginning of the Gaza war, in October 2023, violence has increased in the West Bank. Israeli settler attacks against Palestinians are on the rise, and the military is tightening restrictions on movement. According to the United Nations, more than a thousand Palestinians were killed in the West Bank from October 7, 2023 until November 14, 2025. In the West Bank, 59 Israelis were killed over the same time period. According to official Palestinian statistics, 53 Palestinian minors were killed by Israeli forces this year in the West Bank. The West Bank is home for 2.7 million Palestinians, who enjoy limited autonomy under Israeli military occupation. There are hundreds of thousands of Israelis who have settled in the West Bank. Many world powers consider Israel's settlements, on land it gained in a war of 1967, illegal. Numerous U.N. Security Council Resolutions have also called for Israel to cease all settlement activities. Israel denies that the settlements are illegal, citing historical and biblical connections with the land. Israeli forces have cleared refugee camps and forced thousands of Palestinians to leave their homes. They are also maintaining a presence in some West Bank cities that they've had for decades. Human Rights Watch accused Israel of war crimes in November, and crimes against mankind for what it called forced expulsions from the West Bank. Israel denies that it has committed such crimes. Reporting by Ali Sawafta, Pesha Magd and Aidan Lewis; writing by Pesha Magd. Editing by Aidan Lewis.
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Official: White House to continue 'historic' deals with mining sector
A senior official revealed on Monday that the Trump administration is planning to make more "historical deals" with U.S. mines in order to increase?production and supply of minerals critical for national defense, high-tech, and other sectors. The administration acquired equity stakes earlier this year in MP Materials Lithium Americas, and Trilogy Metals. These transactions were made as part of President Donald Trump’s efforts to increase domestic production and use of minerals for the national defense. Jarrod Agen is executive director of White House National Energy Dominance Council. He said that the U.S. should be able to control its own destiny, especially when it comes to the supply chain and critical minerals. "We have set a good pace, but it is only the first year." Korea Zinc announced on Monday that it would build the first U.S. mineral refinery in many years with Washington's financial assistance. Agen said at a conference on critical'minerals' hosted by the Center of Strategic and International Studies (CSIS) in Washington D.C., "You will see historic deals in the area of critical minerals throughout this administration, as well as historic partnerships with private sector companies, which will lead to a real revitalization in mining in the United States." The remarks were broadcast on the web. Agen, a former employee of?defense contractor Lockheed Martin who has held various roles, stated that Trump wants to "jumpstart' mining projects in Alaska as well as in Arizona where Rio Tinto BHP plan to build the largest copper mine in the world.
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Gold prices rise on expectations of rate cuts and a weaker dollar ahead of US employment data
Spot gold hovered near a seven-week high on Monday, buoyed by a weaker dollar and expectations of U.S. rate cuts before the release of important jobs data. Silver held below its record high set on Friday. By 10:21 am, spot gold had risen 0.4% to $4.321.25 per ounce. ET (1521 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures increased?0.6% at $4,352.90 per ounce. Dollars are nearing a two-month-low, which makes greenback-priced gold?more appealing for overseas buyers. Tomorrow, the U.S. Non-Farm Payrolls Report and Retail Data will be released. Traders will examine these data to get a better idea of Federal Reserve policy. Bob Haberkorn, senior market strategist at RJO Futures, said that traders are attempting to get ahead of the Fed. They expect the data to be better than expected and the Fed will be more likely to continue to cut rates. In a low-interest rate environment, gold, which is a nonyielding investment, thrives. Last week, the Fed delivered its third and final quarter-percentage-point rate cut of the year, while signaling a pause on further easing until more data emerges. According to CME FedWatch Tool, the markets are pricing in two rate cuts next year with a 73% probability of a move by January 2026. Spot silver increased 2.6% to $63.64 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. The metal has grown 120% in the past year. Silver is the most popular precious metal. Haberkorn said that by the end of this year, silver will be trading at $65 or more. He added that he could even see $70 as early as quarter one of next year. Spot platinum rose 2.8% to $1.793.69 and reached its highest level since Sept.?2011. Palladium also hit a new two-month high with a 5.2% increase to $1.564.25 an ounce. Nornickel, world's biggest palladium producer said in a review of the metals market that the palladium industry could experience a deficit this year, including investment demand.
Chevron CEO under pressure to stop share slide as Hess deal stalls
5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival.
He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022.
Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and buybacks. Project overruns in Kazakhstan and Australia have actually cost the business billions.
The CEO is likewise locked in a must-win arbitration battle with Exxon Mobil that has held up his $53 billion purchase of Hess, a deal that would offer Chevron a stake in a. rewarding Guyana oilfield that Exxon runs.
Exxon's obstacle has delayed the deal by almost two years,. and threatens to kill it completely by asserting a right of very first. refusal over a sale of the Guyana residential or commercial properties.
Chevron shares are up 18% since Wirth took over as CEO in. 2018, compared to Exxon's 31% gain over the same duration.
Wirth's task is not at risk, state Chevron executives and. market sources. The board gave him a retirement-age waiver. more than a year ago as he began a sweeping overhaul of top. supervisors.
However If you have $1 to invest in an oil company now, how. would you validate investing it in Chevron?, stated Mark Kelly, an. analyst with the monetary firm MKP Advisors in London. The. Hess deal delay has left Chevron without any clear (business) development. story to inform.
Jake Spiering, Chevron's head of financier relations, said. the business's share efficiency this year has been hurt by the. arbitration case that has urged arbitrage traders to brief. Chevron.
The Chevron story is coming. This growth, and earnings,. and cash inflection is coming, Spiering stated. Chevron is poised. to deliver the greatest production development rate in the industry. over the next 12 months by broadening existing projects, he said.
The board is pushing for a quicker turnaround of. revenues, according to people familiar with the board's thinking. who requested privacy as board discussions are personal. Profits have decreased for the previous five quarters on a. year-over-year basis as oil costs pulled away from 2022 highs.
BRAND-NEW TEAM
Wirth has ushered in a new group with the resignations or. retirements of his previous financing chief, head of oil products. and gas, personnels chief and midstream and trading bosses. in a quote to shake things up.
There is a great deal of pressure on Mike since of Hess, said. among individuals close to the company's board. It's a make or. break for Mike, the person stated.
Wirth has shown a knack for multi-billion-dollar. acquisitions, picking up Noble Energy and PDC Energy in offers. near the market bottom or that closed quickly.
We desire be high efficiency, and you ought to anticipate the. board to expect that, Spiering stated previously this month in. action to questions about the company's efficiency.
Wirth was not offered to comment and Chevron declined to. make board members offered for comment.
BIGGEST SHADOW
The most significant shadow over the business stays its dispute with. Hess partners' Exxon and CNOOC Ltd over their Guyana. offshore holdings, which consist of the world's largest oil. discovery in practically 20 years. The deal initially was to. close in the first half of this year, however a choice in the. arbitration case may not be issued until the third quarter of. next year.
The delay is crucial to Chevron due to the fact that the deal closing. would give the company a 30% stake in Guyana's rising oil. output, which last year provided Hess a $1.88 billion web. revenue.
The stake would supply Chevron with long-lived oil. production from a nation with less geopolitical dangers than its. Venezuela or Kazakhstan operations, the latter of which accounts. for almost 20% of Chevron's quickly tapped oil reserves.
The Kazakh Tengizchevroil oil task, in which Exxon holds. a 25% stake, is almost three years behind a preliminary mid-2022. start-up and has exceeded its original $37 billion budget by over. $ 10 billion.
If the (operational) problems continue or if the offer. were to eventually fall apart, we could see further. underperformance, stated Biraj Borkhataria, an analyst at RBC. Capital.
VENEZUELA LICENSE?
Guyana, located on South America's Atlantic coast, could. aid improve the quality of the company's portfolio in Latin. America, where it keeps a limited presence in Brazil, Argentina. and smaller countries. The region leaving out Venezuela has. supplied less than 2% of its global output for the past years.
U.S. lawmakers and Venezuelan opposition leaders and. activists have actually called for tighter restrictions on the company's. negotiations in Venezuela.
Tax and royalties paid to the repressive Nicolas Maduro. administration have propped up the federal government, they state. The. July governmental election declared by Maduro has actually been condemned. as deceitful by the U.S. and regional Organization of American. States.
If Chevron's license to operate in Venezuela were terminated. or amended, which analysts say might take place if previous President. Donald Trump returns to office and restores his project versus. Maduro, the business could lose its right to export about 220,000. barrels per day of oil.
Chevron continues to make the case to U.S. authorities that. it has been a force for excellent in Venezuela and has actually received. continued six-month permissions to stay there.
The No. 2 U.S. oil business is anticipated to publish third quarter. earnings on Friday of $4.26 billion, according to quotes. assembled by monetary company LSEG, down 35% from the $6.53 billion. a year earlier on weaker oil prices and refining margins.
Mike Wirth is in a pickle, stated Frederic Boucher, risk. arbitrage analyst at Susquehanna Financial Group, a market maker. for Chevron and Hess stocks.
If you spend two years dealing with a deal, ensuring. investors you are right, just to be proven incorrect, should you. still be trusted with investors' cash?.
(source: Reuters)